In a shortened trading week that saw an impressive rebound across Indian equities, the country’s ten most valuable companies added a staggering Rs 3.84 lakh crore to their market capitalization. This sharp rally—driven by easing inflation, a positive monsoon forecast, global trade relief, and expectations of monetary policy adjustments—propelled benchmarks higher, with the Sensex rising 3,395.94 points and the Nifty gaining 1,023.1 points. Among the top performers, HDFC Bank and Bharti Airtel led the charge, reflecting renewed investor confidence in banking and telecom sectors. This resurgence marks a decisive shift in market sentiment following weeks of uncertainty.
Markets Rebound on Positive Domestic and Global Signals
The Indian equity market recorded a remarkable recovery last week, buoyed by a confluence of favorable macroeconomic and geopolitical developments. Despite the holiday-truncated schedule, sentiment turned decisively bullish, with the Sensex advancing 4.51% and the Nifty climbing 4.48%, their strongest weekly performances in months.
Key drivers behind the uptrend included the postponement of certain U.S. tariff measures, improved domestic data—particularly a decline in retail inflation, and promising updates around a normal monsoon forecast, which bolstered expectations of a stable agricultural output and sustained consumption. The anticipation of rate cuts by the Reserve Bank of India further fueled optimism.
Top Gainers: HDFC Bank and Bharti Airtel Lead Market Rally
Among India’s most valued publicly listed companies, HDFC Bank registered the largest market capitalization gain during the week. The private sector lender’s valuation rose by Rs 76,483.95 crore, reaching Rs 14,58,934.32 crore. This surge likely reflects a combination of resilient earnings and improving asset quality, which have reassured investors amid broader volatility.
Close behind was Bharti Airtel, which added Rs 75,210.77 crore to its market value, bringing its total capitalization to Rs 10,77,241.74 crore. The telecom giant continues to benefit from its leadership in the high-ARPU (average revenue per user) segment and expanding 5G rollout, which have made it a favorite among institutional investors seeking exposure to India’s digital consumption story.
Reliance, ICICI Bank, SBI Also Deliver Strong Gains
Reliance Industries, India’s most valuable company, saw its market capitalization jump by Rs 74,766.36 crore, closing the week at Rs 17,24,768.59 crore. The conglomerate’s diversified earnings across energy, telecom, and retail continue to insulate it from sector-specific headwinds, reinforcing its appeal as a blue-chip holding.
ICICI Bank, long considered a proxy for India’s consumption-driven recovery, added Rs 67,597 crore in valuation to touch Rs 10,01,948.86 crore, reaffirming its position among the top five most valued firms. Similarly, State Bank of India (SBI) advanced by Rs 38,420.49 crore, ending the week at Rs 7,11,381.46 crore, signaling investor confidence in PSU banks amid improving credit off-take and rising profitability.
IT and FMCG Majors Record Modest Yet Positive Momentum
Tech bellwether Tata Consultancy Services (TCS) saw its valuation increase by Rs 24,114.55 crore, reaching Rs 11,93,588.98 crore, while Infosys posted a marginal gain of Rs 3,987.14 crore, taking its market cap to Rs 5,89,846.48 crore. The IT sector remains in a watchful phase as investors gauge the impact of global demand softness and cost optimization efforts on margins.
Among fast-moving consumer goods (FMCG) stocks, Hindustan Unilever Ltd (HUL) and ITC reported modest appreciation, adding Rs 1,891.42 crore and Rs 6,820.2 crore, respectively. Meanwhile, Bajaj Finance, a key player in retail lending, added Rs 14,712.85 crore, pushing its valuation to Rs 5,68,061.13 crore, backed by expectations of continued credit expansion in India’s consumer finance market.
Top 10 Firms by Market Capitalization (as of Last Week)
- Reliance Industries – Rs 17,24,768.59 crore
- HDFC Bank – Rs 14,58,934.32 crore
- TCS – Rs 11,93,588.98 crore
- Bharti Airtel – Rs 10,77,241.74 crore
- ICICI Bank – Rs 10,01,948.86 crore
- State Bank of India – Rs 7,11,381.46 crore
- Infosys – Rs 5,89,846.48 crore
- Hindustan Unilever – Rs 5,57,945.69 crore
- Bajaj Finance – Rs 5,68,061.13 crore
- ITC – Rs 5,34,665.77 crore
These rankings underscore the enduring dominance of sectors such as energy, banking, technology, and consumer goods in India’s equity landscape.
Looking Ahead: Will Momentum Sustain?
As the earnings season gathers steam, markets will be closely tracking quarterly results from key players across industries to validate current valuations. While short-term volatility cannot be ruled out—especially with global events and monetary policy shifts still unfolding—investor sentiment has clearly turned more constructive.
The recent shift in foreign institutional investor (FII) activity, coupled with improving macro fundamentals, suggests that the Indian market could remain a relative outperformer among emerging economies.
For investors, the message is clear: large-cap fundamentals remain strong, and India’s top companies are once again asserting their leadership—both on the balance sheet and on the trading floor.
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